The centerpiece of the Town & Country Real Estate summer of 2018 included a soiree to celebrate the opening of our new Greenport office. Located at 120 Front Street, Greenport, the waterfront space is right in the middle of the action in this hot North Fork enclave.

“Greenport is such an ideal place for an office because of the foot traffic,” said Town & Country founder and CEO Judi Desiderio. “And who knows more about great locations than real estate agents."

Agents from Hamptons and North Fork Offices came together for the evening to toast each other's big deals and to meet and greet a host of new agents. A special moment for Judi Desiderio and her partners, Nancy McGann and Janet Hummel, was when agent Charles Sanders presented her with a flag from his time serving in the United States Army in Guantanamo Bay, Cuba.

Sallie Krawcheck, chief executive and co-founder of Ellevest, a digital financial investment firm for women, based out of New York, was quoted in today's Wall Street Journal stating her "BEST BET" was her house in the Hamptons.

In 2004, she cashed out $9.5M of her Citigroup stock, during her tenure as Citi's CFO. Not a typical move at the time. Well we all know what happened to Citigroup's stock after that.

Meanwhile, her summer house in Quogue was recently appraised for $17,000,000. BAM!!

Striking modern architecture and site orientation come together in perfect balance with this Bruce Nagel designed Hamptons home for sale in the beautiful and private Northwest area of East Hampton, NY. Nagel, an award-winning architect based in Southampton with notable projects across the East End of Long Island, made efficient use of space and took advantage of the natural light to illuminate this modern home.

The design of the home, inspired by the likes of architects Richard Meier and Charles Gwathmey, is a sophisticated and timeless combination of ideas that will surely impress. Grand 22’ tall ceilings and walls of windows provide panoramic views and seem to raise the home above the 2.15 acres of manicured grounds.

“When I first saw the interior architecture of the house, I was inspired by the open volume and the relationship the house had with the surrounding landscape,” says Igal Toledano, an interior designer who has been putting a luxurious, modern twist on interior design for the last 35 years. “I decided to interfere as minimally as possible with the architecture. To allow for ample floor space for free movement, I designed built-in storage units that maintained the integrity of the overall design of the space.”

The free-flowing spaces begin on the first floor with a luxurious master suite, living room with fireplace, den, and open dining room. An oversized gourmet kitchen is ideal for entertaining with a generous kitchen island and stainless-steel appliances. A Zen garden sets the tone for the other levels and outdoor spaces.

Keeping with the philosophy and design of the home, you ascend to the second level of the residence up an open maple staircase with unobstructed inside/outside views. Two spacious ensuite bedrooms with private decks await.

The lower level of the home features two additional bedrooms, a large bath, exercise and entertainment areas, plus a spacious storage room. Auto enthusiasts will appreciate the heated 3-car garage at the end of a long flat driveway with ample parking.

Toledano remarked, “The house was unlike many of the homes I’d worked on, in terms of location and positioning. From inside you have a vast panoramic view of the surrounding landscape while offering one complete and total privacy.”

Reality television star, noted author, and business mogul Bethenny Frankel has gone beyond being one of “The Real Housewives of New York City” and jumped full steam into the world of luxury real estate. With a new show “Keeping It Real Estate” co-starring fellow Bravolebrity Fredrik Eklund about to premier she’s laying down more roots in the Hamptons with the purchase of a 4,239 sq.ft. estate in Bridgehampton. Frankel purchased her first Hamptons home in 2013, also in Bridgehampton.

Frankel closed on the 7-bedroom, 5.5-bathroom Hamptons spread listed exclusively with Kathleen Conway of Town & Country Real Estate in October. According to Conway, “Bethenny was fabulous to work with and saw the property as a great investment.”

Originally listed for $2,950,000 and built in 1910, the former bed and breakfast, known as the Morning Glory House, is situated on 0.60 well-manicured acres South of the Highway in the village near shopping, dining, and more. The home underwent a major renovation under the guidance of architect Brian O'Keefe of BOKA where he set out to update all elements of the home and seamlessly merge the old and the new.

Local builder Dennis Boyle made those plans materialize and the elegant finishings complete the look. The gracious formal entry hall sets the tone with dark, hardwood floors illuminated by a skylight, a hand-carved staircase, and board and batten details. An exercise room is perfect for early morning workouts while a large gunite swimming pool with sprawling bluestone patios are ideal for an afternoon swim.

On Thursday, November 30, 2017, we closed title on the Ammon Estate on Middle Lane in East Hampton Village.

The 59 Middle Lane East Hampton home, owned by siblings Greg and Alexa Ammon, listed exclusively with Judi Desiderio of Town & Country Real Estate in June 2017 who remarked on the sale,“I proudly represented the estate for over a dozen years of leasing and recently they decided the time was right to sell. I’m so pleased for Alexa & Greg Ammon. I’m sure it is bittersweet but when one door closes another one opens.”

]]>http://blog.townandcountryhamptons.com/2017/12/04/hamptons-real-estate-news-ammon-estate-sold/feed/0Closing Cost Guidelines 2017http://blog.townandcountryhamptons.com/2017/10/23/closing-cost-guidelines-2017/
http://blog.townandcountryhamptons.com/2017/10/23/closing-cost-guidelines-2017/#commentsMon, 23 Oct 2017 17:59:58 +0000Judi Desideriohttp://blog.townandcountryhamptons.com/?p=7337Town & Country provides this guide to estimate closing costs for you, for informational purposes only. Both Buyers and Sellers should receive Estimated Closing Costs from their respective attorneys prior to closing. Purchasers using a lending institution receive a Truth in Lending Statement from the lender. These are itemized lists of expenses. Request them as early as possible so that you can best prepare for closing.

One of the buyer’s greatest expense is the Peconic Transfer Tax. In November of 1998 voters overwhelmingly approved the Peconic Bay Region Community Preservation Fund or CPF. Later, in 2012, East End residents voted in all 5 towns, by a 2:1 vote, to extend the tax for an additional 10 years, thus extending the expiration date to 2022, with an additional extension to 2030.

Since its inception in 1999 the Peconic Bay Region Community Preservation Fund has generated over $1Billion. These funds have enabled the 5 East End Towns to preserve open space, farmland, beaches, pine barrens, water recharge areas, wetlands, and even an island. In fact, some 10,000 acres through more than 600 acquisitions have been secured. An accomplishment we can all be proud of. The money collected is managed by the respective towns. In East Hampton and Southampton, the towns have borrowed against future fund revenue. While everyone agrees the objective of preserving the rural beauty and protect our natural resources should remain top priority, some have questioned the

fairness of existing property owners voting on taxes they don’t pay – a sensitive issue. Furthermore, the levels at which the Peconic Tax begins, have come under scrutiny. Back in 1998 you could possibly buy a starter home at $250,000 and a vacant lot at $100,000 on the South Fork and $150,000 and $75,000 respectively on the North Fork and Riverhead, but our values have come along way over the past 20 years. Yet this entry level has never been adjusted to reflect where markets have appreciated to.

2014 remains the year that the 5 East End Towns collected the greatest sum — $107.69M, eclipsing the previous high water mark set back in 2007 when $96.02M was received. Both were banner years for high end real estate sales according to Town & Country Home Sales Reports. Thank you to all the buyers who have footed the bill. The 5 East End Towns have preserved sensitive land and increased park lands for public enjoyment for generations to come. To view Home Sales Reports visit TownAndCountryHamptons.com/html/MarketReports.php.

On July 7, 2017, an exception was imposed for first time home buyers purchasing their primary residence. Eligible individuals must apply with Suffolk County. Your attorney can assist with this.

It is important to mention that there are some who confuse Peconic Land Trust with Peconic Bay Region Transfer Tax, referred to as Peconic Land Tax or CPF (Community Preservation Fund,) but they are vastly different. The Peconic Land Trust is 501 (c) (3) non profit organization established in 1983 by John v.H.Halsey and a group of East End residents with a focus on protecting Long Island’s heritage of farming. The trust does not share in the taxes collected. For more information visit PeconicLandTrust.org.

The 3rd Quarter, Hamptons Homes Sales Report, was akin to watching a collection of super balls bouncing in all different directions simultaneously. That said, analyzing, the data for these 3 months in this year to year comparison, yields some important insights.

The most glaring of which is that the $10-$20M price range found its groove again — whew — with 133% year over year explosion from 3 in 2016 to 7 in 2017, 3rd quarter. The kicker is 6 of the 7 home sales $10-20M were in the Bridgehampton area (which includes Water Mill and Sagaponack) – 2 in Bridgehampton, 1 in Sagaponack and 3 in Water Mill. A dazzling statistical fact; Bridgehampton area (which includes Water

Mill and Sagaponack) accounted for over 26% of the Total Home Sales Volume for the entire region! $158M of the $596M posted for the 3rd Quarter.

Both of the 2 sales over $20M occurred in East Hampton Village — no surprise there, as East Hampton’s Estate section, historically, posts the high watermark most years. But 2017 won’t shatter the ceiling as these two sales were “only” $29M (11 Lily Pond Lane) and $25.925M (81 Briar Patch). A far cry from the prior ceilings of well over $100M.

East Hampton Village posted the highest Median Home Sales Price at $4,437,500. impressive, yet 15% less than last year’s at $5.25M. Leaps and bounds over the next highest Median Home Sales Price in Bridgehampton area (which includes Water Mill and Sagaponack) at $2.71M.

On the dark side, Sag Harbor area (which includes Noyack and North Haven) went out to sea for three months! The Number of Home Sales tanked by nearly 30% and the Total Home Sales Volume sank like an anchor at nearly 60%. Closer scrutiny over the 8 price categories monitored by TOWN & COUNTRY and clearly you see why…there were no sales $5M and up. None, zero, zip!

Collectively, we know why sales under $500K went down —there simply are few to none — but why the $5-10M price range dropped 56%, from 25 in 2016 to 11 in 2017, needs to be explored further.

In closing, looking at All Hamptons Markets Combined and we see the 3rd Quarter was a healthy quarter for Hampton Home Sales. There were approximately 8% increases in all 3 criteria monitored by TOWN & COUNTRY — Number of Home Sales, Total Home Sales Volume and Median Home Sales Price.

Those of us in the industry are witness to one of the oddest phenomenons I’ve seen in my 36 years.

We are seeing homes selling for HALF of their original list price. Clearly our markets are not collapsing by any means. We are not in a recession. This is not ’87 or ’08.

So, what is going on?

Is it a handful of sellers “testing the market for their crazy price” or are some brokers over-inflating prices just to have the press write about their newly listed “highest price in America” listing? Are agents desperately pricing to “asking price” vs. “selling price” just to secure the listing? Did one stratospheric sale attempt to set a new high water mark for the entire neighborhood?

Frankly, it’s the perfect storm of all the above.

Most of the steep discounts are at the uber high end. The unfortunate fall out lies with the sellers of homes over $10M who truly would like to sell and have priced to their appraised values only to languish on the market due to an excessive amount of competition. Historically, we have never had so much inventory.

StreetEasy, Trulia and Zillow give false impression on inventory and market status. This is primarily because the East End is not MLS nor is the market monitored by a totally encompassing real estate board.

So, what does this mean?

The bottom line:

For sellers — pricing today is more important than ever, yet even with proper pricing the length of time on the market will be longer than usual due to the scales of supply outweighing that of demand in a big way.

For buyers — it’s a great time to go shopping! You are in a position to get tremendous values.

For sellers and buyers — both benefit from choosing the right professional to assist in navigating current market trends.

“2017 Town & Country Summer Party was a grand success at East Hampton Point,” said Judi Desiderio, CEO and President of Town & Country Real Estate of the late-July 2017 event in East Hampton. “It was wonderful to see our associates who work so hard take the time to simply enjoy each other’s company. #greatgroup!”

The weather was picture perfect, classic cocktails flowed, and delish noshes provided the ideal setting to talk real estate of course. Over 100 real estate agents from all eight offices - Westhampton, Southampton, Bridgehampton, East Hampton & East Hampton Annex, Montauk, Southold, and Mattituck – dropped by the mid-summer soiree to mix, mingle, and discuss deals for Hamptons real estate and North Fork homes for sale in the works.